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BLUDWORTH BOND SHIPYARD

Sparre to Retire from Bollinger After 51 Years

Bollinger Texas City announces Max Sparre’s upcoming retirement after 51 years of service to the shipyard industry, and names Monty Bludworth as BTC’s General Manager.

Bollinger Texas City, L.P., (BTC) a Bollinger Shipyards, Inc. facility, announced the upcoming retirement of its Vice President and General Manager, Max Sparre. Sparre’s retirement was announced by Bollinger Executive Vice President, Ben Bordelon, giving an overview of Sparre's 51 years of service to the shipyard industry and the Bollinger group of shipyards.  In addition to the announcement of Sparre’s upcoming retirement early next year, Bordelon also announced that Monty Bludworth, Assistant General Manager at Bollinger's Texas City facility, will move into the position of General Manager immediately. The career of Max Sparre started back in Brunswick, Georgia at the age of 12, working beside his father in the family’s boat yard. After his tour in the US Air Force, Sparre relocated to Texas to a career in the shipyard industry with companies such as Hollywood Boat Works, Bludworth Shipyards, New Park Ship Repair, Bludworth Bond Shipyards, and Halter Marine. In 2000, Bollinger purchased the Texas City facility, and Max has been a vital member of the Bollinger family since. When asked about his years in the industry Sparre said, “I am proud to have had a major role in building Bollinger Texas City into the strong shipyard that it is today. For the past 26 years I have been fortunate to work with some very good people at Bollinger Texas City. I consider them my family, and for this I am very grateful


Friede Goldman Halter Withdraws Junk Bond Sale

Friede Goldman Halter Inc. has shelved a junk bond sale expected to total $150 million because it wouldn't pay the high yields investors demanded. The company said it is evaluating alternative financing strategies. Friede Goldman Halter had been expected to privately sell seven-year senior secured notes with a yield of about 12 percent, market sources said. RBC Dominion Securities Inc. was arranging the sale, which was originally expected to be completed last week.


MOL Completes Settlement, 13th Unsecured Bonds

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company determined the terms and conditions for the issuance of its 13th series of unsecured bonds (with inter-bond pari passu clause) on December 11, 2009, and completed the issuance and payment on December 17. The details are as follows: 1. Background and objectives for issuance of the 13th series domestic unsecured bonds (with inter-bond pari passu clause) When raising funds to bolster business activities


Norec Summons to bondholders' meetings

  In the previous stock exchange notices where Norwegian Energy Company ASA has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond payments due on 9 December 2014 would need to be obtained. As also stated in connection with its Q3 earnings release on 28 November 2014


Los Angeles Port Issues $35.2 mln in 'Green' Bonds

The Port of Los Angeles

The Port of Angeles has expanded its commitment to sustainability by issuing $35.2 million in green bonds as part of a larger debt refinancing successfully completed this week. The move marks the first time a U.S. port has entered the growing sustainability bond market where investors support projects and companies making positive social and environmental change.   “Running a competitive and environmentally responsible port permeates every facet of our operations


Teekay LNG Completes Norwegian Bond Issuance

Oak Spirit LNG carrier. Photo: Teekay LNG Partners

 Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021.    All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%.   The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes


Cammell Laird Conducts Strategic Review

Bonds issued by British shipbuilder Cammell Laird held steady at deeply-discounted levels on Tuesday after the company unveiled a strategic review which could include a debt restructuring. Investors quoted Cammell's 125 million euro high-yield bond due October 2010 at 11 to 13 percent of face value at around 1245 GMT, down by around half a percentage point from Tuesday's opening. The bonds have been trading at levels that clearly imply default for some time, dealers said


Trade Dept. Says No Change for Cammell Laird Offer

The UK Department of Trade and Industry (DTI) made no change to its aid offer to British shipbuilder and repairer Cammell Laird, stoking concerns the firm could lose a $500 million contract. Bonds issued by the troubled company have halved in price over the past week as fears grow that the company will not make its first interest rate payment, due on April 15, bankers said. The debt is now worth just 10 cents to the euro.


Euronav’s $235m Maersk Venture

Euronav’s $235m Maersk Venture.

  Euronav NV announces today that following the closing of its Initial Public Offering (“IPO”) of its ordinary shares on NYSE, the Company will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs from Maersk Tankers Singapore Pte Ltd announced on 5 January 2014. The Company issued a redemption notice on 28 January 2015 and expects to repay the bond on or around the 19th of February 2015


Drewry Launches Credit Research Services

APMA CMA CGM HL Bond Map

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, launched  a new credit research service on the global maritime sector. Through this extension to its established maritime equity research offering Drewry is now able to provide a full investment research service which includes in-depth analysis of the credit instruments that underpin corporate capital structure and provide an investment proposition in asset allocation for


Panama Frees Vessel Held in Western Sahara Claim

Panama authorities have released a Moroccan phosphate shipment from the disputed Western Sahara territory after it was temporarily held by a legal challenge from the Polisario independence movement, officials said on Monday.   The vessel was held on May 18 and is the second tanker carrying


Seadrill Names Dibowitz CEO

Photo: Seadrill

Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage.   Once the world's most valuable rig firm


Indian Navy Ships in Indonesia

Photo: Indian Navy

 In pursuance of India’s ‘Act East Policy’, Indian Naval Ships Sahyadri, Shivalik, Jyoti and Kamorta under the command of Rear Admiral Biswajit Dasgupta, YSM, VSM, the Flag Officer Commanding Eastern Fleet are on an overseas deployment to the South East Asia and Southern


SeaBird in Debt Restructuring Proposal

Photo: SeaBird Exploration Group

 SeaBird Exploration will propose to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that if successfully completed will facilitate a comprehensive restructuring of the group's balance sheet.  


Drewry Launches Credit Research Services for Maritime Sector

Image: Drewry Shipping Consultants Limited

 Drewry Financial Research Services Ltd., the investment research arm of global shipping consultancy Drewry, is pleased to announce the launch of a new credit research service on the global maritime sector.   Through this extension to its established maritime equity research offering


Moody's Upgrades HMM Credit Rating

Photo: Hyundai Merchant Marine

 South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier.   "Korea Investor Service (a Moody’s Affiliate)  has upgraded Hyundai


HMM, Korea Shipping Company Pact for Sale and Leaseback for Ten Boxships

Photo: Hyundai Merchant Marine Co Ltd

 Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.  


New Pilot Boat Enters Service in Turkey

Photo: Robert Allan Ltd.

A newly built pilot boat Kara Yusuf, named after the owner’s grandfather, went into service on March 4, 2017 in Turkey. The boat will provide pilot transfer service in the southwest region of the Marmara Sea. Designed by Robert Allan Ltd


DSME's Bailout Plan Cleared by Pension Fund

Photo: DSME

 South Korea’s National Pension Service (NPS) agreed to a restructuring of bonds issued by Daewoo Shipbuilding & Marine Engineering (DSME).    Reuters reported that this move is expected to help the world’s largest shipbuilder tide over a financial crisis


Daewoo Shipbuilding Bondholders Okay Bailout Plan

File Image (CREDIT: AdobeStock / (c) Carabay)

Debt-to-equity swap plan is condition of $2.6 bln bailout.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings


Sovcomflot Holds PDVSA Oil Hostage over Debts

Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million - money the crisis-stricken nation desperately needs.   Instead, the owner of the tanker


DSME Deal Non-starter

File Photo: Daewoo Shipbuilding and Marine Engineering

 The creditors of Daewoo Shipbuilding & Marine Engineering (DSME) still remain undecided over afor the shipyard's latest deal, further complicating troubles for one of the country's major shipyards, Yonhap reported.   DSME  clinched a US$250 million deal to build three very


Matson, Philly Shipyard Mark ‘Aloha Class’ Milestone

Photo: Matson

Philly Shipyard, Inc. (PSI), the wholly-owned U.S. subsidiary of Philly Shipyard ASA, and Matson, Inc., a U.S. carrier in the Pacific, today marked a milestone in the construction of the first of two new "Aloha Class" containerships to be delivered to Matson in the third quarter of 2018


Indian Warships visit Egypt

Photo: Indian Navy

 As part of the Indian Navy’s overseas deployment (OSD) to the Mediterranean Sea and the West Coast of Africa, two Indian warships, INS Mumbai and INS Aditya, arrived at Alexandria on May 5, 2017 for a three-day visit.   


Indian Naval Ships Deployed to Malaysia

INS Shivalik entering Kuantan Malaysia. Photo: Indian Navy

 Indian Naval Ships Shivalik and Jyoti are on an overseas deployment to the South East Asia and Southern Indian Ocean, in pursuance of India’s ‘Act East Policy’.    The ships would be on a port visit to Kuantan from 14 May  to 19 May , 2017






 
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